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Hrblockfree com Publication 536 - Additional Material Prev  Up  Next   Home   More Online Publications
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Morris K. Udall and Stewart L. Udall Foundation

The Morris K. Udall and Stewart L. Udall Foundation, through the U.S. Institute for Environmental Conflict Resolution, provides assessment, mediation, and other services to resolve environmental conflicts. The Foundation also supports a variety of educational opportunities in the area of environmental policy.

Contact the Agency or Department

Website: Morris K. Udall and Stewart L. Udall Foundation

E-mail:

Address: 130 South Scott Ave
Tucson, AZ 85701-1922

Phone Number: (520) 901-8500

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Hrblockfree com 15. Hrblockfree com   Estimated Tax Table of Contents What's New Introduction Topics - This chapter discusses: Useful Items - You may want to see: Special Estimated Tax Rules for Qualified FarmersQualified Farmer Special Rules for Qualified Farmers Estimated Tax Penalty for 2013 What's New Net Investment Income Tax. Hrblockfree com . Hrblockfree com  For tax years beginning in 2013, you may be subject to Net Investment Income Tax (NIIT). Hrblockfree com NIIT is a 3. Hrblockfree com 8% tax on the lesser of net investment income or the excess of your modified adjusted gross income (MAGI) over the threshold amount. Hrblockfree com NIIT may need to be included when calculating your estimated tax. Hrblockfree com For more information, see Publication 505,Tax Withholding and Estimated Tax. Hrblockfree com Additional Medicare Tax. Hrblockfree com  For tax years beginning in 2013, a 0. Hrblockfree com 9% Additional Medicare Tax applies to Medicare wages, Railroad Retirement Tax Act (RRTA) compensation, and self-employment income over a threshold amount based on your filing status. Hrblockfree com You may need to include this amount when figuring your estimated tax. Hrblockfree com For more information, see Publication 505. Hrblockfree com Introduction Estimated tax is the method used to pay tax on income that is not subject to withholding. Hrblockfree com See Publication 505 for the general rules and requirements for paying estimated tax. Hrblockfree com If you are a qualified farmer, defined below, you are subject to the special rules covered in this chapter for paying estimated tax. Hrblockfree com Topics - This chapter discusses: Special estimated tax rules for qualified farmers Estimated tax penalty Useful Items - You may want to see: Publication 505 Tax Withholding and Estimated Tax Form (and Instructions) 1040 U. Hrblockfree com S. Hrblockfree com Individual Income Tax Return 1040-ES Estimated Tax for Individuals 2210-F Underpayment of Estimated Tax by Farmers and Fishermen See chapter 16 for information about getting publications and forms. Hrblockfree com Special Estimated Tax Rules for Qualified Farmers Special rules apply to the payment of estimated tax by individuals who are qualified farmers. Hrblockfree com If you are not a qualified farmer as defined next, see Publication 505 for the estimated tax rules that apply. Hrblockfree com Qualified Farmer An individual is a qualified farmer for 2013 if at least two-thirds of his or her gross income from all sources for 2012 or 2013 was from farming. Hrblockfree com See Gross Income , next, for information on how to figure your gross income from all sources and see Gross Income From Farming , later, for information on how to figure your gross income from farming. Hrblockfree com See also Percentage From Farming , later, for information on how to determine the percentage of your gross income from farming. Hrblockfree com Gross Income Gross income is all income you receive in the form of money, goods, property, and services that is not exempt from income tax. Hrblockfree com On a joint return, you must add your spouse's gross income to your gross income. Hrblockfree com To decide whether two-thirds of your gross income was from farming, use as your gross income the total of the following income (not loss) amounts from your tax return. Hrblockfree com Wages, salaries, tips, etc. Hrblockfree com Taxable interest. Hrblockfree com Ordinary dividends. Hrblockfree com Taxable refunds, credits, or offsets of state and local income taxes. Hrblockfree com Alimony. Hrblockfree com Gross business income from Schedule C (Form 1040). Hrblockfree com Gross business receipts from Schedule C-EZ (Form 1040). Hrblockfree com Capital gains from Schedule D (Form 1040). Hrblockfree com Losses are not netted against gains. Hrblockfree com Gains on sales of business property. Hrblockfree com Taxable IRA distributions, pensions, annuities, and social security benefits. Hrblockfree com Gross rental income from Schedule E (Form 1040). Hrblockfree com Gross royalty income from Schedule E (Form 1040). Hrblockfree com Taxable net income from an estate or trust reported on Schedule E (Form 1040). Hrblockfree com Income from a Real Estate Mortgage Investment Conduit reported on Schedule E (Form 1040). Hrblockfree com Gross farm rental income from Form 4835. Hrblockfree com Gross farm income from Schedule F (Form 1040). Hrblockfree com Your distributive share of gross income from a partnership, or limited liability company treated as a partnership, from Schedule K-1 (Form 1065). Hrblockfree com Your pro rata share of gross income from an S corporation, from Schedule K-1 (Form 1120S). Hrblockfree com Unemployment compensation. Hrblockfree com Other income not included with any of the items listed above. Hrblockfree com Gross Income From Farming Gross income from farming is income from cultivating the soil or raising agricultural commodities. Hrblockfree com It includes the following amounts. Hrblockfree com Income from operating a stock, dairy, poultry, bee, fruit, or truck farm. Hrblockfree com Income from a plantation, ranch, nursery, range, orchard, or oyster bed. Hrblockfree com Crop shares for the use of your land. Hrblockfree com Gains from sales of draft, breeding, dairy, or sporting livestock. Hrblockfree com Gross income from farming is the total of the following amounts from your tax return. Hrblockfree com Gross farm income from Schedule F (Form 1040). Hrblockfree com Gross farm rental income from Form 4835. Hrblockfree com Gross farm income from Schedule E (Form 1040), Parts II and III. Hrblockfree com Gains from the sale of livestock used for draft, breeding, sport, or dairy purposes reported on Form 4797. Hrblockfree com For more information about income from farming, see chapter 3. Hrblockfree com Farm income does not include any of the following: Wages you receive as a farm employee. Hrblockfree com Income you receive from contract grain harvesting and hauling with workers and machines you furnish. Hrblockfree com Gains you receive from the sale of farm land and depreciable farm equipment. Hrblockfree com Percentage From Farming Figure your gross income from all sources, discussed earlier. Hrblockfree com Then figure your gross income from farming, discussed earlier. Hrblockfree com Divide your farm gross income by your total gross income to determine the percentage of gross income from farming. Hrblockfree com Example 1. Hrblockfree com Jane Smith had the following total gross income and farm gross income amounts in 2013. Hrblockfree com Gross Income   Total Farm Taxable interest $3,000   Dividends 500   Rental income (Sch E) 41,500   Farm income (Sch F) 75,000 $75,000 Gain (Form 4797) 5,000 5,000 Total $125,000 $80,000 Schedule D showed gain from the sale of dairy cows carried over from Form 4797 ($5,000) in addition to a loss from the sale of corporate stock ($2,000). Hrblockfree com However, that loss is not netted against the gain to figure Ms. Hrblockfree com Smith's total gross income or her gross farm income. Hrblockfree com Her gross farm income is 64% of her total gross income ($80,000 ÷ $125,000 = 0. Hrblockfree com 64). Hrblockfree com Special Rules for Qualified Farmers The following special estimated tax rules apply if you are a qualified farmer for 2013. Hrblockfree com You do not have to pay estimated tax if you file your 2013 tax return and pay all the tax due by March 3, 2014. Hrblockfree com You do not have to pay estimated tax if your 2013 income tax withholding (including any amount applied to your 2013 estimated tax from your 2012 return) will be at least 662/3% (. Hrblockfree com 6667) of the total tax shown on your 2013 tax return or 100% of the total tax shown on your 2012 return. Hrblockfree com If you must pay estimated tax, you are required to make only one estimated tax payment (your required annual payment) by January 15, 2014, using special rules to figure the amount of the payment. Hrblockfree com See Required Annual Payment , next, for details. Hrblockfree com Figure 15-1 presents an overview of the special estimated tax rules that apply to qualified farmers. Hrblockfree com Example 2. Hrblockfree com Assume the same fact as in Example 1. Hrblockfree com Ms. Hrblockfree com Smith's gross farm income is only 64% of her total income. Hrblockfree com Therefore, based on her 2013 income, she does not qualify to use the special estimated tax rules for qualified farmers. Hrblockfree com However, she does qualify if at least two-thirds of her 2012 gross income was from farming. Hrblockfree com Example 3. Hrblockfree com Assume the same facts as in Example 1 except that Ms. Hrblockfree com Smith's farm income from Schedule F was $90,000 instead of $75,000. Hrblockfree com This made her total gross income $140,000 ($3,000 + $500 + $41,500 + $90,000 + $5,000) and her farm gross income $95,000 ($90,000 + $5,000). Hrblockfree com She qualifies to use the special estimated tax rules for qualified farmers, since 67. Hrblockfree com 9% (at least two-thirds) of her gross income is from farming ($95,000 ÷ $140,000 = . Hrblockfree com 679). Hrblockfree com Required Annual Payment If you are a qualified farmer and must pay estimated tax for 2013, use the worksheet on Form 1040-ES to figure the amount of your required annual payment. Hrblockfree com Apply the following special rules for qualified farmers to the worksheet. Hrblockfree com On line 14a, multiply line 13c by 662/3% (. Hrblockfree com 6667). Hrblockfree com On line 14b, enter 100% of the tax shown on your 2012 tax return regardless of the amount of your adjusted gross income. Hrblockfree com For this purpose, the “tax shown on your 2012 tax return” is the amount on line 61 of your 2012 return modified by certain adjustments. Hrblockfree com For more information, see chapter 4 of Publication 505. Hrblockfree com Estimated Tax Penalty for 2013 If you do not pay all your required estimated tax for 2013 by January 15, 2014, or file your 2013 return and pay any tax due by March 3, 2014, you may owe a penalty. Hrblockfree com Use Form 2210-F, Underpayment of Estimated Tax by Farmers and Fishermen, to determine if you owe a penalty. Hrblockfree com See the instructions for Form 2210-F. Hrblockfree com Figure 15-1. Hrblockfree com Estimated Tax for Farmers Please click here for the text description of the image. Hrblockfree com Figure 2–A If you receive a penalty notice, do not ignore it, even if you think it is in error. Hrblockfree com You may get a penalty notice even though you filed your return on time, attached Form 2210-F, and met the gross-income-from-farming requirement. Hrblockfree com If you receive a penalty notice for underpaying estimated tax and you think it is in error, write to the address on the notice and explain why you think the notice is in error. Hrblockfree com Include a computation similar to the one in Example 1 (earlier), showing that you met the gross income from farming requirement. Hrblockfree com Prev  Up  Next   Home   More Online Publications